FirstEnergy notes tumble on ratings downgrade; California Resources announces investment news

By James McCandless

San Antonio, Feb. 7 – The distressed debt market proved to be as volatile as the equity markets Wednesday, according to traders, with energy names continuing to lead in volume.

Notes issued by two subsidiaries of FirstEnergy Solutions Corp. declined sharply as those two issuers received ratings corrections, downgrading some senior unsecured notes.

Issues in California Resources Corp. became active at the end of the day as the company announced a $750 million midstream joint venture with investment firm Ares Management.

Other energy names took much of the day’s volume space. For the second day, Northern Oil and Gas, Inc. and Jones Energy, Inc. traded heavily.

Frontier Communications Corp. and Intelsat SA remained bellwethers in the telecom space. Mallinckrodt plc continued its run of high activity while Toys “R” Us, Inc. joined the fray as the company begins liquidation sales.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.